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The Defiant
2025-04-09 16:30:40

$120 Billion VanEck Confirms China and Russia Use Bitcoin for Energy Trades Amid Sanctions

VanEck, an asset management firm with $120 billion under management, has confirmed that China and Russia are now settling energy trades using Bitcoin. This development is part of a broader move towards a parallel system, bypassing traditional financial systems like SWIFT and moving beyond the dollar. Russia's central bank governor, Elvira Nabiullina, has acknowledged that businesses within the country are testing the use of digital assets, including Bitcoin, for transactions. This is seen as a strategy to use cryptocurrency as a shield against US sanctions. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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